THE Philippine Competition Commission (PCC) has greenlit a joint venture to develop more than 36,000 square meters in mixed-use property in Pampanga funded by Rockwell Land Corp. and TGN Realty Corp.
Under their agreement, Rockwell and TGN will infuse capital, while NepWell Property Management, Inc. and siblings Hilda Aurora N. Valdes, Patrick Adrian N. Valdes, and Theresa Gracia N. Valdes will contribute land in Angeles City.
PCC in a press release on Tuesday said that the project involves the development of residential, commercial, and retail use through a joint venture company. Rockwell, TGN, and the Valdes siblings will buy shares in the joint venture company.
The commission said that the project will not result in substantial lessening of competition in the real estate market, either in Pampanga or nationwide, calling the transaction “a joint venture formed purely for the construction and development of a residential and/or commercial real estate development.”
Rockwell is a real estate firm under the Lopez group of companies, while TGN is under the Nepomuceno business group. The Valdes siblings are minority shareholders in J Ten Equities, Inc., the parent company of NepWell.
The commission in its decision signed Oct. 13 said it will take no further action.
PCC has three more transactions under its review, as they were filed before Republic Act No. 11494 or Bayanihan To Recover As One Act (Bayanihan II). Parties in mergers and acquisitions with transaction values below P50 billion are exempted from notifying the competition regulation body within two years from the effectivity of the law.
PCC review of said transactions, conducted on its own initiative, is also suspended for a year. — Jenina P. Ibañez